The utility of recovering human nutritional value from whey has long been appreciated in the art. In U.S. Pat. No. 2,695,235, a process is described for preparing an artificial egg white from whey. A more recent utilization of whey for production of egg white substitutes is found in U.S. Pat. No. 4,029,825. More recently whey has been used as a source for making fat substitutes. Fat substitute products produced by the controlled heat denaturation of whey protein under high shear conditions are disclosed in U.S. Pat. Nos. 4,734,287; 4,855,156; 4,911,946; 4,961,953 and 4,985,270. Heat denatured whey protein has also been used as a component of a dispersed phase fat spread (See European Patent 0 076 549). The present invention relates to an alternative procedure for obtaining a fat substitute product emulating the mouthfeel of water-in-fat and fat-in-water emulsions without the need of oil additives or the requirement to control heat denaturation under high shear conditions.